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How to Buy Bitcoin in Kenya

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Buy Bitcoin in Kenya

Since the beginning of 2017, the price of bitcoin has surged to new all-time highs after rallying by over 350 percent. This has boded well for bitcoin adoption in Kenya as more people come to recognise it as an alternative currency and as a potentially lucrative investment. If you are based in Kenya and want to purchase bitcoin but are not quite sure how to go about it, then this guide is for you. In this article, you will find the five best exchanges you can use to buy bitcoin in Kenya using Kenyan Shillings.

Remitano

RemitanoRemitano is a peer-to-peer bitcoin exchange where you can buy and sell bitcoin securely through an escrow service. The company has recently entered the Kenyan market to provide a bitcoin exchange and a bitcoin-based remittance service.

To buy bitcoin on Remitano’s platform you must first sign up using your email address. The login credentials for your new Remitano account will then be sent to your email. Upon account verification, you can access a list of local buyers and sellers and place an order immediately. To ensure transactional security Remitano acts as an escrow until both parties confirm the transaction. Once the transaction is complete, the bitcoins will appear on your wallet on the Remitano platform.

Belfrics Kenya

Belfrics bitcoin exchangeBelfrics is a new bitcoin exchange and payment gateway for merchants that recently entered the Kenyan market. Belfrics charges a 5 percent fee on transactions and has no minimum limits on bitcoin purchases.

To buy bitcoin you must first set up an account by creating a username and password. Your account will double up as your bitcoin wallet. The next step would be to top up your account using a bank transfer, which is required in order to receive payments and for account verification. With these steps completed, you can start trading by proceeding to the exchanges’ drop down menu clicking on the ‘Trade’ option. Once you have put in the amount you want to buy and have executed the order, your purchased bitcoin will appear in your wallet on Belfrics once the order has been filled.

BitPesa

BitPesaBitPesa provides a bitcoin cross-border payments platform that also provides a bitcoin marketplace for buyers and sellers. BitPesa is the most established and most funded bitcoin startup in Africa.

To buy bitcoin using BitPesa you first need to register for an account on the platform by inputting your details and verifying your account through a confirmation email. You will need to upload a picture of your ID which is necessary as per international laws and regulations.

To buy bitcoin log in and click on the ‘new transaction’ field and ensure you put the KES you have and the BTC you want. You can enter yourself, a different person or a contact you’ve used before. Add the bitcoin address of the recipient and confirm the transaction then follow the payment instructions. The recipient will receive the bitcoin amount within an hour.

Unfortunately, BitPesa announced on September 1, 2017, that it has introduced a minimum transaction limit of $25,000 for Kenyan customers and no longer verifies new Kenyan customers due to the difficult regulatory environment in Kenya, which has been hindering the company in making KES payments. Hence, only existing Kenyan high net worth indivduals and businesses can use BitPesa to exchange bitcoin.

LocalBitcoins

LocalBitcoinsConvert Bitcoin Into Local Currency is the world’s leading peer-to-peer cryptocurrency exchange that facilitates over the counter bitcoin trades.

To buy bitcoin, you first need to sign up for an account on the platform. Once that’s done, you need to input the bitcoin amount you want to buy in KES before proceeding to choose your preferred payment page. The platform ranks sellers based on transactional history and users are advised to go for sellers with high reputational scores. Upon clicking on the ‘buy’ field you will be provided with transaction details. You execute the trade by typing the amount of bitcoin you want in KES together with a personal message and click on ‘send trade request’ field. Once the payment is made click the ‘I have paid’ tab. The bitcoin will be released from an escrow into your wallet once the seller confirms receipt of the payment.

Paxful

PaxfulPaxful is a peer-to-peer bitcoin exchange that connects buyers and sellers in one convenient location.

Buying bitcoin using KES on the platform is simple and straightforward. The initial step is to log onto the site and click on the ‘buy bitcoin’ on the menu bar. Once you have input the bitcoin amount you require in the buy dialogue box, select your desired mode of payment for the transaction. Then, select a seller willing to sell you the amount you requested and agree on the payment method from the list of sellers. Similar to LocalBitcoins, the reputations of sellers are rated and it is important to choose buyers with high ratings. If you are satisfied with the conditions the next step to execute the trade by clicking on the ‘buy now‘ tab and you will then receive your bitcoin in your wallet once the transaction has been completed.

If you want to buy bitcoin using KES, you can try any of the above-mentioned bitcoin exchanges. Also, remember to transfer your purchased bitcoin to your own personal bitcoin wallet and do not leave them lying on an exchange as there they can be subject to cyber theft should the exchange get hacked.

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Paxful’s #BuiltwithBitcoin Initiative to Fund Rwanda Water Project and Afghan Scholarships

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Paxful Fund Rwanda Water Project

Peer-to-peer bitcoin exchange Paxful has announced a new development in its #BuiltWithBitcoin charitable initiative. The company is launching a Rwandan water tank project that will be spearheaded by AnthemGold, their new initiative member; additional classroom resources for the Rwandan nursery school that was built as the first #BuiltwithBitcoin project, and award more than $15,000 scholarships for female Afghan refugees to pursue their careers in the United States.

Paxful’s scholarship beneficiaries include Susan Naseri who is interested in non-profit work and law; Dunia Azizi, who will pursue a mathematics degree; and Farzana Nawabi, who is working towards a bachelor’s degree in nursing. The beneficiaries were chosen by Zam Zam – a non-profit organization partner for the program – based on the personal essays they wrote describing the hardships encountered while getting an education, migrating to the U.S. and blending into the American society while pursuing their careers and raising families.

Susan Naseri, one of the beneficiaries, said: “As a recipient of the Zam Zam Water scholarship, I’d like to express endless gratitude and appreciation to Paxful and everyone involved in the donation process. Receiving this scholarship is not only an immense honor and privilege; it also eases my financial stress significantly. I’m beyond humbled and thankful for this scholarship; thank you eternally for helping me expand my education and fulfill my dreams.”

Paxful Expansion and Partnership

Paxful Fund Rwanda Water ProjectFor the initial scholarship, winners were given $5,000 paid in two installments each of $2,500. Zam Zam Water will continue running the scholarship as an annual program. In addition, both Paxful and Zam Zam welcomed AnthemGold to the #BuiltwithBitcoin initiative after the virtual currency provider contributed enough bitcoin to construct a 35,000-liter water tank as well as fund the cultivation of more than 80 sustainable community gardens and 30 goats for two villages in Rwanda.

Speaking of the initiative, AnthemGold’s CEO, Anthem Hayek Blanchard said: “I am grateful to participate in a project that builds sustainable and essential projects for communities in need. We hope to use Zam Zam’s knowledge to provide people with the building blocks needed to foster and grow.”

Paxful’s announcement comes after its May announcement regarding its investment expansion in Africa by electing a new African Regional Director and building an incubation hub for blockchain technology in Lagos, Nigeria. The hub is expected to launch in the fourth quarter of 2018 and will be a co-working space that will provide services such as mentorship, advice on ICOs, and individual and corporate blockchain training. Paxful will also be sponsoring various crypto-focused events in Nigeria and plans to hold talks with similar events in Kenya, Ghana, and Cameroon.

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Crypto-Finance Platform Nebeus Enters the Africa Market

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Nebeus
Image by Nebeus

Cryptocurrency users in Kenya, Uganda, Tanzania, Rwanda, South Africa, Nigeria, and Ghana now have full access to the suite of Nebeus services. The “crypto bank” Nebeus enables users to buy and sell cryptocurrencies, enjoy remittance services, and access crypto-collateral loans, among many other services related to crypto-finance.

Opening access to Crypto-Finance services in Africa

Nebeus is a London-based fintech startup that runs a P2P exchange platform, offers crypto-collateral loans and incorporates a user-friendly bitcoin wallet. Nebeus was founded in 2014 with the aim of delivering a cheap, convenient and highly efficient service that catered to the demands and challenges of the evolving cryptocurrency landscape.

The crypto-finance platform will take advantage of local telcos and mobile money to penetrate these new markets, according to a company press release. Mobile banking has enabled African countries to leapfrog many developed nations by tapping into a previously unbanked segment of the population. The success of mobile money platforms, such as MPESA in Kenya, has attracted a number of fintech and blockchain companies to the African market.

The pay-in and pay-out corridors for the trading service include MPESA in Kenya, Airtel mobile money in Uganda, mobile money (Vodacom, Airtel, Tigo) for Tanzania, mobile money (MTN) Cameroon, Mobile Money (MTN) for Nigeria and MasterCard, Verve (Cards) and online banking for Nigeria. The established network of local payment partners will provide access to crypto-services for a population of over 400 million people.

Nebeus also aims to play a greater role in serving the African remittance market, which is estimated to receive billions of dollars annually. The company’s objective is to become the focal provider for this section of the African economy.

Alex Lempka, Nebeus’ Director of Communications, said: “Cryptocurrencies have a potential to make a significant impact on developing countries in many ways by providing a bridge into the global economy. Nebeus is looking forward to playing a major role in that by providing necessary infrastructure for all participants”.

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Golix Relaunches ICO and Expands Into Kenya, Uganda and South Africa

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Golix Launches ICO

Zimbabwe’s digital currency exchange, Golix is relaunching its token sale, which was planned for mid-May but abandoned after the Reserve Bank of Zimbabwe issued a cryptocurrency ban which was later overturned by the Harare High Court.

The exchange, which has been operational for three years, has also announced that it has launched its services in Kenya, South Africa, and Uganda as from Friday 1 June 2018.

“As part of our strategy starting from Friday 1 June, people in Kenya, South Africa, and Uganda will be able to start trading from Golix. This is one of our plans to be the leading exchange in Africa, which inspired by the vision to provide financial autonomy in the continent, ” said Golix’s Head of Growth, Panashe Tapera.

Out of 54 countries in Africa, only three have local cryptocurrency exchanges while the rest are still to realise the potential held by the blockchain technology.

Golix has set its target to avail its services across the entire African continent to address the cryptocurrency infrastructure shortage which has slowed down the adoption of digital currencies.

Golix Lead of Special Projects, William Chui, stated that the token sale was an initiative they set afoot to enable instant remittances and international payments through cryptocurrencies.

The Token Sale

“Since from onset our main agenda is to provide financial autonomy in Africa. The GLX token is going to be used to facilitate and realise this agenda. People from respective different countries will be able to buy the GLX token from the exchange using their fiat currencies. The GLX token will be used to buy other Altcoins in the exchange, all this will be done at zero transactions fee.

“The GLX token will also be used to facilitate remittances and international payments at lesser fees, compared to current banking methods. This cascade immensely towards contribution of GDP growth in African countries,” said Chui.

The GLX token, an Ethereum ERC20 token, will be available for purchase from Friday 1 June 2018 10 AM UTM/GMT on the Golix token sale website, tokensale.golix.com.

Potential buyers can use bitcoin (BTC) and ether (ETH) to buy the GLX token, which has been priced at $0.05612.

1,274,240, 097 tokens will be availed but only 637,120,049 are going to be sold during the token sale and the public will only be able to buy half of the tokens.

*Disclaimer: This post is informational only. Readers should do their own due diligence before taking any actions related to the mentioned company, product or service. BitcoinAfrica.io is not responsible, directly or indirectly, for any loss or damage caused by or in connection with the use of or reliance on any content, product or service mentioned in this article.*

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